FCCPC Publishes Guidelines for Verifying Legitimate Loan Apps in Nigeria

The Federal Competition and Consumer Protection Commission (FCCPC) has released a detailed guide to help Nigerians confirm whether a digital loan app is authorised under its 2025 digital lending rules (DEON Regulations). In October 2026 the FCCPC register listed 525 approved lending companies, 112 apps on a watchlist and 54 delisted apps.

How to verify a loan app

Consumers are instructed to locate the company name behind an app, either on the Google Play store under “About the developer” or in the loan agreement, and then search that name on the FCCPC’s digital money lenders page (fccpc.gov.ng). The register shows whether the app appears on an approved, conditional, watchlist or delisted list. If the app name matches but the company name differs, the app is treated as unapproved. The guide also warns that copy‑cat apps often borrow real names.

Additional red flags include apps that request contacts or photos (banned by Google Play), demand upfront fees, or circulate “newly approved” lists on WhatsApp – a practice the FCCPC called false in June 2026. Users can report suspicious lenders via the FCCPC complaints portal (complaints.fccpc.gov.ng) or the toll‑free line 0800 000 2121.

Comparison of leading loan apps

The guide compares three widely used apps that publish loan ranges and cost examples in their store listings:

• OKash (presented by OPay Microfinance Bank, CBN‑licensed) offers ₦2,000 – ₦3,000,000 for 91‑365 days with an APR under 36%. An example shows a ₦3,000 loan over 91 days costing ₦273 in interest, for a total repayment of ₦3,273.
• FairMoney (run by FairMoney Microfinance Bank) provides up to ₦3,000,000; a sample loan of ₦100,000 for three months carries ₦6,000 interest, implying an APR of about 24%.
• Branch (CBN‑licensed) lends ₦1,000 – ₦500,000 for 62 days to one year, charging 3%‑23% per month (34%‑271% APR). Its example of a ₦60,000 loan at 181% APR over 62 days results in a ₦78,400 repayment.

Other FCCPC‑approved apps such as Carbon, PalmCredit, Newcredit, Renmoney, Aella Credit, QuickCheck, Moniepoint and others are listed on Condia’s FCCPC‑approved loan apps list, but terms vary and users should verify current figures within each app.

Overall, the guide stresses that published rates range from under 36% APR to over 200% APR, and borrowers should compare total repayment amounts rather than headline rates. First‑time borrowers typically receive smaller limits, with larger amounts offered after on‑time repayments.

Consumers are reminded to download apps only from official app stores, verify the lender on the FCCPC register, and never share bank PINs or OTPs with callers claiming to “approve” a loan.